Bridgestone profit for year off 40%

Bridgestone Corp., the world's largest tire and rubber products maker, said Tuesday its net profit fell 40 percent in the January-September period, dragged down by the high cost of raw materials and slowing demand at home and abroad.

Net profit slumped to ¥49.47 billion compared with ¥82.34 billion during the same period last year.

The Tokyo-based company blamed its results on a lethargic U.S. housing market, falling consumer spending and overall weakness of the U.S. economy.

Revenue increased 1.3 percent to ¥2.5 trillion due to the still-robust Chinese market, but operating profit declined 26.8 percent to ¥119.2 billion on soaring fuel expenditures, the company said.